Noor Trends News, Technical Analysis, Educational Tools and Recommendations
In the previous technical report, we maintained an intraday neutral stance due to conflicting technical signals, highlighting the significance of breaching the psychological barrier support at 1.0800 as the initiation of a downward trend in the immediate term.
Today’s technical analysis reveals that the EUR/USD pair has managed to stabilize positively above the 1.0800 support, facilitating a modest upward rebound, with the current trading around 1.0835. A closer examination of the 4-hour chart indicates efforts from the 50-day simple moving average to provide a positive incentive, supporting the possibility of an uptick. However, the Stochastic indicator has begun to signal negativity, gradually losing its upward momentum.
Amidst these conflicting technical signals, coupled with the pair’s consolidation within a sideways price range above 1.0800 and below the pivotal resistance of 1.0860 for the second consecutive session, we prefer to observe the price behavior to discern the following scenarios:
- An upward trend would necessitate a clear and robust breach of the 1.0860 resistance level, paving the way for gains towards 1.0930 and 1.0960.
- Conversely, a downward trend would be indicated by breaking below 1.0800, followed by 1.0765, exposing the pair to negative pressure, with targets set at 1.0740 and 1.0665.
A word of caution: Today’s trading activity is influenced by the impending release of high-impact economic data from the American economy, specifically the annual and monthly basic personal consumption spending prices, along with the weekly unemployment benefits. Consequently, heightened volatility is anticipated at the time of the news release.
A word of caution: Today’s trading landscape is punctuated by the release of impactful economic data emanating from the American economy, notably the “Consumer Confidence Index.” Consequently, heightened volatility is anticipated upon the dissemination of this news.
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